Building Society Savings

I've left it a bit late but today was the time to reorganise my savings. Building Societies have the annoying habit of bringing you in on a good interest rate but a couple of years later the interest rate plummets. For example, my Halifax "High Interest Account" is 0.8% and brings a new meaning to the word "High" that George Orwell would have been proud of.

Likewise Stroud and Swindon Building Society dropped their rate from 5.1% to 0.8% in six months so it was time to move the money. They have a new over 50s loyalty account. It sounded like just the thing for me. A good interest rate and I qualify being over 50 and a loyal customer. But the fine print said that I can only open it with "new funds" that must come from outside the S&S. How annoying! All the money of mine I already invested can not be used to get a good rate?

So I closed the account and took the money down the road where I get a better rate and with instant access. If the Stroud and Swindon wanted to encourage loyalty, then the 50 Plus Loyalty Account isn't helping.